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Pierces Key Support

GBPUSD TECHS
  • RES 4: 1.2894 High Mar 8 and a key resistance
  • RES 3: 1.2865 High Mar 11
  • RES 2: 1.2803 High Mar 21
  • RES 1: 1.2637/2709 20-day EMA / High Apr 09
  • PRICE: 1.2540 @ 06:17 BST Apr 12
  • SUP 1: 1.2511 Low Apr 11
  • SUP 2: 1.2465 50.0% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 3: 1.2446 Low Nov 20 ‘23
  • SUP 4: 1.2364 61.8% retracement of the Oct 4 - Mar 8 bull leg

A bearish theme in GBPUSD remains intact and the pair is trading just above this week’s lows. Support at 1.2519, the Feb 5 low and bear trigger has been pierced. A clear break would strengthen a bearish theme and highlight a stronger reversal signal. This would open 1.2465, the 50.0% retracement of the Oct 4 - Mar 8 bull leg. On the upside, initial firm resistance has been defined at 1.2709, the Apr 10 high.

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